Section 59 | Section 57: meaning of “child trust fund business”

(1)This section defines for the purposes of the definition of “basic life assurance and general annuity business” given by section 57 what is meant by “child trust fund business”.

(2)Life assurance business is “child trust fund business” if it consists of the effecting or carrying out of child trust fund policies.

(3)But the re-insurance of business consisting of the effecting or carrying out of child trust fund policies is not “child trust fund business”.

(4)In this section “child trust fund policy” means a policy of life insurance which is an investment under a child trust fund (within the meaning of the Child Trust Funds Act 2004).